WALNUT CREEK — A Walnut Creek apartment complex with hundreds of units has been bought by an East Coast real estate firm in a deal that points to sturdy prices for multifamily residential properties in the Contra Costa County city.
The 285-unit Hanover Walnut Creek apartment property at 3050 Del Hombre was purchased for $163 million by a TA Realty affiliate, documents filed on Oct. 7 with the Contra Costa County Recorder’s Office show.
Boston-based TA Realty, which has been in business since 1982, owns diverse categories of real estate assets, including apartments, industrial sites, retail properties, offices and data centers.
This deal marks the second time within the last two months that a large and relatively new apartment complex in Walnut Creek was bought at a price that was well over $150 million.
In late August, Waymark, a 358-unit apartment complex at 101 Pringle Ave. in downtown Walnut Creek, was bought for $190 million, county real estate records show.
In both instances, the seller was the real estate firm that developed the apartment complex.
These two deals and another involving a recently constructed apartment complex in Walnut Creek suggest prices for these kinds of properties are robust.
Hanover Walnut Creek, the latest large apartment complex to be bought in Walnut Creek, fetched a price of $571,900 a unit. Waymark was purchased for $530,700 a unit and The Rise, a 97-unit apartment property at 1380 North California Blvd., was bought in May 2024 for $57 million. This price works out to roughly $587,600 a unit.
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